by The global robotic process automation (RPA) market is poised for remarkable growth, projecting a substantial double-digit expansion through the forecasted period of 2027. The catalyst behind this surge is the No-Code revolution, which is revolutionizing the automation landscape.
Transforming Business Processes with Next-Generation Technologies
In todays dynamic business landscape, technology advancements are reshaping operations, reducing the reliance on human intervention for routine tasks, and introducing cutting-edge solutions for repetitive processes. Robotic process automation has transitioned from being a novelty to an integral part of a businesss digital transformation journey. With the integration of advanced technologies such as cloud computing, machine learning, and Artificial Intelligence (AI), RPA has become a multifaceted automation and digitization strategy. Leveraging these innovations, RPA is now equipped to handle intricate data flows and automate complex business processes, driving the growth of the RPA market.
Chatbots Driving RPA Adoption
The adoption of intelligent chatbots is gaining momentum across various industries. Technologies like AI and natural language processing (NLP) are empowering RPA bots to enhance customer experiences and streamline processes efficiently. Digital assistants like Alexa and Siri have paved the way for businesses to explore chatbots as a key digitization tool. Both private companies and government organizations are investing heavily in conversational RPA chatbots to automate tasks and enhance user interactions. For instance, the National Science Foundation (NSF) has developed an RPA chatbot to automate messaging and reminders, showcasing the potential of conversational chatbots in the RPA market.
No-Code Revolution and COE Establishment
As RPA matures as a technology, new developments are reshaping its landscape. The emergence of the No-Code revolution is set to transform the RPA market, reducing dependence on core developers and making automation accessible to a wider audience. No-Code platforms offer user-friendly features and a visual development approach, enabling businesses to automate end-to-end processes and complex tasks efficiently. This trend is poised to revolutionize the RPA sector, contributing significantly to its growth.
Additionally, the establishment of Robotic Process Automation Centers of Excellence (COE) is an ongoing trend. These COEs, comprising RPA consultants, process managers, IT experts, and functional experts, aim to streamline RPA processes, improve efficiency, optimize ROI, and integrate RPA seamlessly across departments. COEs are poised to play a pivotal role in influencing the growth of the RPA market.
Knowledge-Based RPA on the Rise
While rule-based RPA has been dominant, the demand for knowledge-based RPA is gaining momentum due to the rapid penetration of cognitive technologies such as machine learning and AI. Knowledge-based RPA is expected to become increasingly popular, making a significant contribution to the growth of the RPA market.
North America Leading the Charge
North America, with its advanced technology infrastructure, strong economic foundation, and a proclivity for technology adoption, is set to lead the global RPA market. The region has witnessed substantial investments in RPA, driven by the adoption of AI and self-regulated technologies. For example, the U.S. government has introduced RPA programs that have yielded significant time savings. Companies involved in deploying RPA solutions can expect substantial growth in the North American market in the coming years.
Key Players in the Robotic Process Automation Market
Prominent players in the robotic process automation market include Automation Anywhere, UiPath Inc., WorkFusion Inc., Kryon Systems, Blue Prism Group, Microsoft Corporation, and Salesforce.
The global robotic process automation market is on the brink of a transformative journey, driven by technological advancements and the No-Code revolution. With a focus on innovation, automation, and efficiency, businesses across industries are embracing RPA as a vital component of their digital transformation strategies, propelling the market to new heights.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/robotic-process-automation-market
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This press release first seen on Brilad
COMTEX_442108593/2840/2023-10-19T04:37:35
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.